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Home Insurance Do’s and Don’ts

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Home Insurance Do’s and Don’ts

On September 11, 2016, Posted by , In Real Estate, With Comments Off on Home Insurance Do’s and Don’ts

by HouseHunt | Apr 23, 2015 | HouseHunters Guides & TipsInfographics | 
By Jesse McCarl

Here’s your introduction to Home Insurance Do’s and Don’ts. These tips will ensure you fully understand your coverage and get the best rates!

Competitive Rates

DO Take Time Researching – Insurance companies need you just as much as you need them. Don’t ever let yourself feel pressured into a choice.

DON’T Bundle for Convenience – Bundling with other insurance CAN save you money, but don’t do it just because it is easier. Home insurance is very different from automobile insurance.

DO Shop Around – Get multiple quotes to ensure you’ve found the best fit.

DO Check For Special Rates – Age, good credit, certain house features, etc. can qualify you for discounts.

Comprehensive Coverage

DO Take Note of Time Limits – You are only granted a certain amount of time to file a claim. Make it a priority. When in doubt, it’s best to go ahead and file a report.

DO Assess Values Before Claim – Keep a record of how much different valuables are worth before an incident happens.

DON’T Pay For Land – Insure the structures you own. Don’t be tricked into insuring the land they sit on. The land is not going anywhere.

DO Keep Insurer Updated on Home – Any major projects or maintenance you do should be reported to your insurance provider.

DON’T Forget to Insure Additional Items – Usually things like jewelry and electronics require additional insurance. Be sure to clarify before making payments.

Claims Statistics

Wind and hail are the most common insurance claims, making up 47.2% of claims.

Jewelry is the most common contents claim, making up 16% of content claims.

The national average spent on home insurance is $952 per year. The average claim value is $8,793.

 

 

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